TheCityUK, an industry advocacy group promoting the financial and related professional services industry of the UK, has signed a memorandum of understanding (MoU) with Canadian counterpart Toronto Finance International to renew their fintech partnership.

The new agreement aims to increase cross-border collaboration and foster financial services innovation. Additionally, it will help to pursue joint initiatives.

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TheCityUK CEO Miles Celic said: “Toronto Finance International is a global leader in promoting sustainability and competitiveness within financial services, and a natural partner for TheCityUK.

“To ensure the UK’s continued competitiveness and position as a leading centre of global finance, it is vital that we both forge new, and deepen existing relationships, with other centres across the world.

“Renewing this MoU will help us to encourage greater innovation and ensure ongoing cooperation between the UK and Canada.”

TheCityUK and Toronto Finance International also agreed to strengthen the cooperation on digitisation of the financial industry and on the growth of fintech.

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Additionally, they will also work to increase access to a skilled workforce to support the emerging global trends.

Toronto Finance International president and CEO Jennifer Reynolds said: “The UK remains an important partner for Canada’s financial industry.

“Combining our mutual expertise and insights, will help to increase our international influence and identify new opportunities for our members.

“As the industry continues to evolve, areas like FinTech and sustainable finance initiatives present exciting areas for greater international cooperation.”

In September last year, TheCityUK entered into a similar fintech partnership with Israel’s City TLV.